Regulation of chargebacks: Which laws protect the rights of consumers and entrepreneurs

Chargeback is a mechanism designed to protect the interests of both consumers and entrepreneurs in case of conflicts and problematic situations with the payment for goods or services. To ensure fairness and transparency in the use of chargebacks, there are laws and regulatory acts that govern this process.

The main laws protecting the rights of consumers and entrepreneurs in the context of chargebacks are consumer protection laws. These laws give consumers the right to a refund in case of defective goods or services, as well as in case of breach of contractual obligations by the seller or supplier.

Important aspects of regulating chargebacks also include laws on financial transactions and banking activities. They define the rules and procedures that must be followed when carrying out refund transactions, including chargeback procedures, and ensure the safety and reliability of financial transactions for both consumers and entrepreneurs.

Additionally, there are international standards and recommendations aimed at harmonizing chargeback rules and procedures between different countries and regions. These standards provide common rules and principles that help prevent abuse and conflicts in the process of refund transactions.

Overall, the regulation of chargebacks is aimed at ensuring fairness and protecting the interests of all parties in financial transactions, contributing to the development of trust and stability in the economy.